Al Khaliji completes Sukuk transaction

Dubai, May 17, 2008

Al Khaliji has completed a new Islamic banking transaction acting as joint lead manager in a Sukuk issue for the Almana Group, one of the largest business houses in Qatar.

The Dh600 million ($163.3 million) issue, priced at a spread of 250 basis points over EIBOR, is one of the first non-USD corporate sukuks issued from Qatar and is listed on the DIFX. The deal marks the first step in al khaliji’s plans to become a leading capital markets player in the GCC.

Al Khaliji has also obtained approval from the Qatar Central Bank to open Islamic Banking branches, adding to the range of products and services it is launching this year.

The initial focus of al khaliji’s Islamic banking activities will be the wholesale sector, with other segments to follow in due course. The first Islamic branch will be located in Al Khaliji’s head office in West Bay and forms part of the treasury and debt capital markets activities under the leadership of senior executive, treasury and debt capital markets Biswajit Dasgupta.

“The year 2008 is proving to be a very exciting year for al khaliji. We’re delighted to be able to launch another new service for our customers and complete such a high profile transaction,” said CEO, Al Khaliji, David Proctor. – TradeArabia News Service